Sunday, June 16, 2024


A snapshot of global bike and ATV industry share performance at the trading week closure on Friday 8 July 2016.

Some semblance of normality returned to global markets in the past week when US employment growth data for June was released to cheers from Wall Street. A jump to 287,000 new jobs, wildly in excess of forecasts and the largest gain for eight months, underlined acceleration in American GDP improvement during the second quarter. As a result, New York’s S&P 500 index overwhelmed onging Brexit worries to rise by 1.02%.

That didn’t help Harley-Davidson, though, which fell back by 10.2% from the previous Friday’s hyped takeover rumour and stratospheric lunge upwards. Polaris was also down, but only by 1.3%.

In London, the FTSE 100 featuring multinational blue-chips had a flat week, only a marginal 0.19% up. But it has at least completely recovered from the initial Brexit shock. The same cannot be said for the FTSE 250, made up of mid-cap indigenous UK stocks and much more representative of British business prosperity or otherwise. That’s still 6.7% below its level on referendum day.

More grievous was sterling’s ongoing collapse against the dollar and yen. A pound now buys $1.29, against $1.48 before the Brexit poll, its lowest value for 31 years. More pertinently for us, it’s worth only 130 yen, a fact that is soon likely to hit UK dealers of Japanese bike brands with higher prices.

European exchanges were still affected by Brexit blues. The eurozone’s Eurofirst 300 finished 1.33% down, despite being lifted by 1.5% thanks to good news from the US on Friday. BMW shares managed to stay flat but Daimler and VW fell in Frankfurt, KTM owner Cross declined in Vienna and Piaggio copped a 3.8% drop in Milan.

Over in Japan, the remorselessly rising yen continued to hammer investor confidence. Tokyo’s Nikkei 225 was 3.67% down and all four Japanese motorcycle manufacturers suffered further share price losses.

The big emerging-world markets were mixed. India started the week very positive, enjoyed a public holiday on Wednesday and then endured a sell-off driven by software and steel export stocks. Overall, the BSE Sensex 30 was 0.47% up but all of the big bike makers registered weekly falls except for Royal Enfield parent Eicher. Generally, though, India is being lifted by good monsoon weather forecasts, which should benefit farmers and, in our special interest, encourage them to spend profits on buying motorcycles.

China is beset with a corporate debt crisis. An increasing number of under-performing and downright bad loans from regional state banks are making the whole business environment nervous. Responding to that, the Shanghai Composite index is up and down like a stripper’s knickers — this week up by 1.57%. Individual motorcycle manufacturer share prices do the same. Four were up this week and three down. One of the latter was Guangzhou Auto, the biggest car and bike maker in China. So perhaps that reflects the depths of concern.

Exchanges in emerging Islamic countries where motorcycles are produced — Pakistan, Malaysia and Indonesia — were closed for most or all of the week, due to Eid Mubarak celebrations marking the end of Ramadan’s month of religious fasting. No doubt brokers and investors sank a few sherbets like everybody else.    


Price (P) Daily change (C) 52-week range (R) One-year investment return (Y) 


USA (US dollar)

Harley-Davidson    P 48.73  C +1.9%  R 60.67 – 36.36  Y -9.89%

Polaris    P 85.23  C +2.76%  R 156.35 – 67.80  Y -42.36%

Arctic Cat    P 17.42  C +3.69%  R 34.44 – 8.90  Y -46.78%

US Highland    P 0.01  C +38%  R 0.70 – 0.01  Y -99.01%

Confederate    P 0.05  C -16.67%  R 0.33 – 0.05  Y N/A

Notes: Polaris makes Victory and Indian bikes, ATVs, snowmobiles, quadricycles and EVs. Arctic Cat makes ATVs and snowmobiles. US Highland makes off-road bikes. Confederate Motors makes Combat Fighter cruisers.


CANADA (Canadian dollar)

BRP    P 20.30  C +2.58%  R 29.75 – 13.76  Y -28.65%

Notes: Bombardier Recreational Products makes Can-Am ATVs, Spyder road trikes, Ski-Doo snowmobiles, Sea-Doo PWCs and Rotax proprietary engines.


TAIWAN (Taiwanese dollar)

Sanyang    P 20.55  C +0.49%  R 24.35 – 19.15  Y -10.26%

Notes: Sanyang Motor (SYM) is the leading Taiwanese bike manufacturer.


VIETNAM (Hong Kong dollar)

VMEPH    P 0.42  C N/A  R 0.60 – 0.36  Y -22.22%

Notes: Vietnam Manufacturing & Export Processing Holdings, a JV partner of SYM, is the third-largest Vietnamese bike manufacturer.


INDONESIA (rupiah)

Astra    P 7400  C N/A  R 7850 – 4975  Y N/A

Indomobil    P 1465  C N/A  R 3800 – 1250  Y N/A

Notes: Astra International is a Honda JV partner. Its controlling shareholder is British conglomerate Jardine Matheson. Indomobil Sukses Internasional is a Suzuki JV partner.


EUROPE (euro)

BMW    P 68.44  C +4.56%  R 104.85 – 63.38  Y -25.37%

Daimler    P 54.07  C +3.51%  R 86.95 – 50.83  Y -31.7%

VW    P 121.05  C +2.39%  R 209.40 – 95.00 Y -41.1%

Cross    P 3.63  C -0.14%  R 6.00 – 2.24  Y +56.88%

Piaggio    P 1.50  C +0.94%  R 3.15 – 1.45  Y -47.23%

Notes: Daimler’s AMG-Mercedes subsidiary has a 25% stake in MV Agusta. Volkswagen Group owns Ducati. Cross Industries owns KTM.


PAKISTAN (Pakistani rupee)

Atlas Honda    P 370.00  C +0.27%  R 414.80 – 320.05  Y N/A

Pak Suzuki    P 391.00  C +2.32%  R 532.00 – 363.01  Y N/A

Notes: Atlas Honda and Pak Suzuki are JV assembly partners.


INDIA (rupee)

Hero    P 3167.80  C +2.1%  R 3226.00 – 2257.20  Y +24.95%

Bajaj    P 2604.60  C -0.23%  R 2719.95 – 2133.15  Y +7.93%

TVS    P 296.85  C -0.79%  R 340.90 – 201.00  Y +16.46% 

Eicher    P 19,451.60  C -0.72%  R 21,620.00 – 14,800.00  Y -5.81%

Mahindra    P 1453.45  C -0.23%  R 1484.00 – 1091.25  Y +17.41%

Maharashtra    P 1393.10  C +0.46%  R 1619.00 – 936.60  Y +21.72%

Scooters India    P 27.75  C +2.4%  R 35.05 – 22.00  Y +15.87%

Notes: Hero MotoCorp is an own-brand former Honda JV partner. Bajaj has a major shareholding in KTM and ties with it and Kawasaki. TVS is a former Suzuki JV partner and now BMW Motorrad contractor. Eicher makes the Royal Enfield brand. Mahindra & Mahindra has an own-brand bike range and a majority stake in French scooter brand Peugeot. Maharashtra Scooters assembles CKD scooter kits manufactured by Bajaj. Scooters India makes Vikram three-wheeled taxis and light trucks. The Indian government has a majority stake.


JAPAN (yen)

Honda    P 2476.5  C +0.57%  R 4499 – 2417  Y -33.57%

Yamaha    P 1434  C +1.49%  R 3045 – 1409  Y -42.47%

Suzuki    P 2691  C +1.2%  R 4780.5 – 2450  Y -32.07%

Kawasaki    P 260  C -2.26%  R 573 – 257  Y -50.5%


CHINA (yuan)

Qianjiang    P 13.40  C +1.44%  R 15.62 – 5.55  Y +90.61%

Zongshen    P 10.79  C -3.4%  R 18.20 – 8.08  Y N/A  

Sundiro    P 5.71  C N/A  R 12.69 – 4.89  Y N/A [Trading halted]

Jialing    P 7.38  C N/A  R 16.34 – 5.27  Y N/A [Trading halted]

Lifan    P 11.64  C -3.24%  R 19.47 – 8.05  Y +11.98%

Loncin    P 19.86  C -0.1%  R 31.20 – 13.00  Y -27.93%

Linhai    P 12.17  C +1.84%  R 14.71 – 8.41  Y -14.24%

GAG    P 22.35  C -9.99%  R 25.55 – 11.03  Y +52.77%


CHINA (Hong Kong dollar)

Jianshe    P 13.71  C -1.08%  R 19.20 – 7.72  Y +32.85%

Notes: Qianjiang owns Keeway and formerly Italian Benelli. Zongshen makes own-brand bikes and proprietary engines, and has JV partnerships with Piaggio, (scooters), and Harley-Davidson (parts). Sundiro is a Honda JV partner. Jialing makes own-brand bikes using Honda licensed technology. Lifan makes own-brand bikes and distributes MV Agusta in China. Loncin is a Kawasaki JV partner and OEM engine contractor to BMW Motorrad. Linhai and Jianshe are Yamaha JV partners. Guangzhou Automobile Group (GAG) is the parent of Honda JV partner and own-brand bike manufacturer Wuyang.


MALAYSIA (ringgit)

Oriental Holdings    P 6.52  C -1.51%  R 7.33 – 6.46  Y -5.18%

Hong Leong    P 8.05  C +0.25%  R 8.50 – 4.38  Y +90.03%

Notes: Oriental Holdings is a Honda JV partner. Hong Leong Industries is a Yamaha JV partner.



KR    P 1210  C +0.83%  R 1770 – 905  Y +5.68%

Daelim    P 76,900  C -1.66%  R 98,000 – 59,600  Y -3.81%

Notes: KR Motors makes Hyosung bikes and ATVs. Daelim Industrial retains a controlling 59% stake in Daelim Motor, the largest bike manufacturer in Korea. (The remainder is British, owned by Standard Chartered Bank.)


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